Elon Musk announced he will abandon his $97.4 billion acquisition bid for OpenAI if the company agrees to suspend its transition from a nonprofit to a for-profit model. This legal action comes amidst Musk's ongoing lawsuit against OpenAI, led by CEO Sam Altman. OpenAI's attorneys argue Musk's bid contradicts his lawsuit's premise, implying a desire to undermine competition while maximizing his own interests. This situation complicates OpenAI's restructuring, which is already controversial due to its unique corporate structure involving both nonprofit and for-profit entities.
If OpenAI, Inc.'s Board is prepared to preserve the charity's mission and stipulate to take the 'for sale' sign off its assets by halting its conversion, Musk will withdraw the bid.
In this court, Musk argues that OpenAI Inc.'s assets cannot be 'transferred away' for 'private gain'....but out of court, those constraints evidently do not apply, so long as Musk and his allies are the buyers.
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